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Friday 6 November 2026
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Tenet Healthcare Corporation
THC Healthcare Medical Care Facilities
Tenet Healthcare Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.3 billion, up 3.07% from fiscal 2024.
- Revenue
- +6.47%
- EPS
- +291.1%
- Free cash flow
- +39.2%
- Total debt
- +0.42%
Quarter to September 2026, against a year earlier
282.29
4.17
−1.46%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 19,621 | 19,179 | 18,313 | 18,479 | 17,640 | 19,485 | 19,174 | 20,564 | 20,675 | 21,310 | 22,154 | +0.9% | 22,449 | 22,497 | 23,558 | +3.4% | |
| Gross margin, % | 36.54 | 35.56 | 36.45 | 36.39 | 35.37 | 37.36 | 36.81 | 38.07 | 39.79 | 41.41 | 46.23 | +4.9 pt | ||||||
| EBT | 248 | (101) | 629 | 320 | 671 | 1,888 | 1,345 | 1,617 | 5,248 | 2,800 | 4,732 | +30.9% | ||||||
| EBT margin, % | 1.26 | (0.53) | 3.43 | 1.73 | 3.80 | 9.69 | 7.01 | 7.86 | 25.38 | 13.14 | 21.36 | +11.9 pt | ||||||
| Net income | 176 | (320) | 459 | 171 | 768 | 1,476 | 1,001 | 1,311 | 4,064 | 2,367 | 3,814 | +33.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 197.55 | 190.66 | 179.35 | 178.72 | 167.98 | 182.39 | 179.32 | 202.32 | 213.36 | 236.38 | 276.46 | +2.0% | |||||
| Earnings | (1.93) | (7.00) | 1.09 | (2.24) | 3.80 | 8.56 | 3.84 | 6.01 | 33.02 | 15.61 | 37.44 | n/m | ||||||
| Cash flow | 5.62 | 11.93 | 10.27 | 11.92 | 32.44 | 14.68 | 10.13 | 23.36 | 21.12 | 39.27 | 52.89 | +24.1% | ||||||
| Capex | (8.81) | (7.03) | (6.04) | (6.48) | (5.14) | (6.16) | (7.13) | (7.39) | (9.61) | (11.20) | (11.36) | +2.7% | ||||||
| Free cash flow | (3.19) | 4.90 | 4.23 | 5.45 | 27.30 | 8.52 | 3.00 | 15.97 | 11.52 | 28.06 | 41.53 | n/m | ||||||
| Book value | 10.89 | 5.36 | 6.73 | 4.23 | 8.92 | 19.23 | 23.00 | 30.67 | 60.06 | 66.74 | 92.53 | +22.3% | ||||||
| Shares, m | 99 | 101 | 102 | 103 | 105 | 107 | 107 | 102 | 97 | 90 | 85 | (1.1%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 15.72 | 0.00 | 10.54 | 9.58 | 12.76 | 12.63 | 3.88 | 12.73 | 7.64 | 7.8 | |||||
| P/S | 0.08 | 0.08 | 0.10 | 0.21 | 0.24 | 0.45 | 0.27 | 0.38 | 0.59 | 0.84 | 1.04 | 0.3 | ||||||
| P/B | 1.41 | 2.98 | 2.55 | 9.00 | 4.48 | 4.25 | 2.13 | 2.48 | 2.10 | 2.98 | 3.09 | 3.4 | ||||||
| EV/Sales | 0.82 | 0.83 | 0.88 | 1.00 | 0.99 | 1.13 | 1.01 | 1.05 | 1.08 | 1.32 | 1.51 | 1.0 | ||||||
| EV/FCF | (50.69) | 32.32 | 37.42 | 32.72 | 6.09 | 24.19 | 60.62 | 13.25 | 20.06 | 11.15 | 10.07 | 18.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 558 | 1,200 | 1,049 | 1,233 | 3,407 | 1,568 | 1,083 | 2,374 | 2,047 | 3,540 | 4,238 | +22.8% | |||||
| Capex | (875) | (707) | (617) | (670) | (540) | (658) | (762) | (751) | (931) | (1,010) | (910) | +1.6% | ||||||
| Free cash flow | (317) | 493 | 432 | 563 | 2,867 | 910 | 321 | 1,623 | 1,116 | 2,530 | 3,328 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,223 | 1,241 | 779 | 876 | 2,300 | 1,966 | 1,505 | 2,407 | 3,372 | 3,386 | 3,110 | +12.0% | |||||
| Net debt | 14,539 | 14,326 | 14,415 | 14,489 | 13,273 | 13,282 | 14,221 | 13,774 | 10,154 | 10,288 | 10,569 | (3.8%) | ||||||
| Shareholders’ equity | 1,082 | 539 | 687 | 437 | 937 | 2,054 | 2,459 | 3,117 | 5,820 | 6,017 | 7,415 | +21.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (0.79) | (2.93) | 0.45 | (0.94) | 1.58 | 3.34 | 1.50 | 2.20 | 11.18 | 4.80 | 9.50 | +5.6 pt | |||||
| ROIC | 4.99 | 4.68 | 6.77 | 6.44 | 8.75 | 11.70 | 8.74 | 9.29 | 23.30 | 13.45 | 21.64 | +8.5 pt | ||||||
| ROE | (18.82) | (86.86) | 16.97 | (38.26) | 58.08 | 61.12 | 18.21 | 21.92 | 71.61 | 23.77 | 43.93 | +42.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 131,610 | 126,000 | 115,500 | 113,600 | 110,000 | 101,100 | 102,400 | 106,500 | 98,000 | 99,000 | — | (3.1%) | |||||
| Revenue/emp, $m | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | 0.19 | 0.19 | 0.19 | 0.21 | 0.22 | — | +4.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Hospital Operations | 16,138 | 75.73% |
|---|---|---|
| Ambulatory Care | 5,172 | 24.27% |
| Gross margin | 41.41% | |
| Operating margin | 16.46% | |
| Pre-tax margin | 13.14% |
Tenet Healthcare Corporation vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| THC Tenet Healthcare Corporation | $22.8B | 7.6× | 7.5× | +6.47% (above 0%: growing) | +291.05% (above 0%: growing) | +39.20% (above 0%: growing) | 43.95% | 31.08% | |
| EHC Encompass Health Corporation | $13.9B | 21.8× | 20.9× | +8.93% (above 0%: growing) | +20.63% (above 0%: growing) | +52.33% (above 0%: growing) | 100.00% | 17.89% | Compare |
| FMS Fresenius Medical Care AG & Co. KGaA | $12.6B | 12.6× | 14.4× | −0.49% (below 0%: shrinking) | −10.55% (below 0%: shrinking) | −3.47% (below 0%: shrinking) | 25.83% | 7.78% | Compare |
| DVA DaVita Inc. | $12.3B | 14.0× | 13.0× | +4.62% (above 0%: growing) | +66.99% (above 0%: growing) | −45.83% (below 0%: shrinking) | 31.50% | 13.95% | Compare |
| UHS Universal Health Services, Inc. | $11.7B | 8.2× | 8.0× | +5.30% (above 0%: growing) | −9.98% (below 0%: shrinking) | +216.74% (above 0%: growing) | 90.99% | 9.60% | Compare |
| ENSG The Ensign Group, Inc. | $10.6B | 26.3× | 25.4× | +14.47% (above 0%: growing) | +23.64% (above 0%: growing) | +89.21% (above 0%: growing) | 16.86% | 9.30% | Compare |
| PACS PACS Group, Inc. | $8.0B | 28.6× | 21.8× | +11.45% (above 0%: growing) | +16.36% (above 0%: growing) | −4.31% (below 0%: shrinking) | 17.23% | 6.65% | Compare |
| CHE Chemed Corporation | $7.0B | 25.5× | 24.0× | +10.57% (above 0%: growing) | +23.09% (above 0%: growing) | −45.25% (below 0%: shrinking) | 33.72% | 13.96% | Compare |
| CON Concentra Group Holdings Parent, Inc. | $5.4B | 24.9× | 25.2× | +8.61% (above 0%: growing) | +36.84% (above 0%: growing) | −19.76% (below 0%: shrinking) | 31.42% | 18.52% | Compare |
| Median of peers | $11.2B | 23.4× | 21.4× | +8.77% | +21.86% | −3.89% | 31.46% | 11.78% |
From the latest earnings call
- CEO Saumya Sutaria said hospital growth and expense initiatives supported results, while lower exchange enrollment affected the company’s payer mix.
- CFO Sun Park said exchange revenue and admissions fell in the quarter, with exchange patients moving into uninsured status at a roughly one-to-one rate.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
99.87%
Held by the ten largest
56.01%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 8.83m | 10.97% | −92.18k |
| T. Rowe Price | 8.75m | 10.87% | +1.04m |
| BlackRock | 8.74m | 10.86% | +38.36k |
| Boston Partners | 4.43m | 5.51% | +598.40k |
| Fidelity (FMR) | 3.99m | 4.96% | −3.78m |
| State Street | 2.75m | 3.42% | +35.37k |
| GLENVIEW CAPITAL MANAGEMENT, LLC | 2.24m | 2.78% | +710.81k |
| Geode Capital Management | 1.88m | 2.34% | −45.46k |
| Citadel Advisors | 1.77m | 2.19% | +1.35m |
| Arrowstreet Capital | 1.71m | 2.12% | +1.04m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 16 April 2026
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group, Inc.
12.50%
BlackRock, Inc.
9.40%
FMR LLC
8.70%
T. Rowe Price Associates, Inc.
8.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Tenet Healthcare Corporation (THC) Latest News
30 Oct
29 Oct
27 Oct
22 Oct
21 Oct
17 Oct
8 Oct
THC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Tenet Healthcare is a healthcare services company headquartered in Dallas, Texas. Saum Sutaria is its chairman and chief executive officer. Tenet operates hospitals and outpatient facilities and provides business services to other healthcare organizations.
Its Hospital Operations segment treats patients at acute care and specialty hospitals, physician practices and outpatient sites. Hospital services range from emergency care and routine diagnostic work to procedures such as cardiac and spinal surgery. The outpatient sites include urgent care centers, imaging centers and emergency departments away from hospital campuses.